News

Oil producers negotiations ended in deadlock

Author:tracy

Source:http://www.tigloncn.com

Release on :2014-11-26

The price of oil fell by more than $1 a barrel after a meeting between some of the world’s largest oil-producing nations failed to come to an agreement on how to deal with a growing supply glut. Talks between the oil ministers of Saudi Arabia and Venezuela, and non-OPEC producers Russia and Mexico ended in stalemate.
30 per cent fall in the crude price since June, the glut has been driven by relentless US shale production, higher-than-expected OPEC supply and weak global demand.
With opinion divided over whether OPEC will agree to cut, and if so, by how much and over what time period. Participants in yesterday’s meeting had agreed only that prices below $80 were “not good” and they would meet again in three months’ time. “If we have an agreement, that will be inside OPEC.”